2 days ago
Axis Mutual Fund Launches Gram-Based Gold and Silver SIP
Axis Mutual Fund has introduced a feature called Shagun SIP.
It lets people decide how many grams of gold or silver they want to build over time.
The amount taken from their bank account can change because metal prices change.
Investors choose a monthly date, and the relevant price is taken from six business days earlier.
The money is invested in gold or silver mutual fund schemes.
Investors do not receive physical gold or silver.
Instead, they receive mutual fund units and can watch their progress in equivalent grams.
They can also set limits on how much money is debited in one month.
Axis Mutual Fund has launched Shagun SIP, which lets investors target gold or silver quantities in grams.
Investors can use the feature with Axis Gold Fund or Axis Silver Fund of Funds, with monthly amounts changing according to metal prices.
The applicable price is based on the gold or silver price six business days before the selected SIP date.
Investors can accumulate up to 25 kilograms of gold or 50 kilograms of silver and set rupee caps or floors for each debit.
Investments become mutual fund units rather than physical metals, with investors able to track prices, debits, allotments and cumulative grams.
- Who
- Axis Mutual Fund, including Chief Digital Officer Boniface Noronha, launched Shagun SIP.
- What
- Shagun SIP is a digital feature for making gram-based recurring investments in Axis Gold Fund and Axis Silver Fund of Funds.
- Where
- It is available on the Axis Mutual Fund website.
- When
- The feature is live, and each SIP amount is calculated using the metal price from six business days before the selected monthly SIP date.
- Why
- It is designed to help investors accumulate gold or silver systematically, pursue long-term goals and spread purchases across different price levels.
Key facts
- Feature
- Shagun SIP
- Eligible schemes
- Axis Gold Fund and Axis Silver Fund of Funds
- Maximum accumulation
- Up to 25 kg of gold or 50 kg of silver
- Underlying metal purity
- 99.5% for gold and 99.9% for silver
- Price reference
- The applicable price is based on T–6, or six business days before the chosen SIP date
- Investor holdings
- Mutual fund units, not physical gold or silver
- Tracking tools
- Spot price, timestamp, debited amount, units allotted and cumulative grams total
Quotes
Boniface Noronha
Chief Digital Officer at Axis Mutual Fund
“Gold and silver remain important asset classes for Indian investors, accumulated steadily over time. Shagun SIP, a first-of-its-kind digital feature, is a solution that offers a fully digital, goal-based experience for investors looking to build gold and silver holdings systematically over the long term”
livemint.com
“Axis Mutual Fund continues to invest in strengthening its innovative digital features and simplifying the customer journey. This is in line with our effort to deliver solutions that are easy to use and relevant across investor segments, regions and stages of life”
livemint.com
Sources
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